Tuesday, December 11, 2007

Property and Liability Insurance - 1.2

  • An employer is responsible for Workers Compensation in case the worker sustains injury while working for the employer. This 'is an example of ________ liability.
  • In Fire Declaration policy, if declarations are not received within a specified period then :-
    The full sum insured under the policy shall be deemed to have been declared
  • The owner of unimproved land is exposed to reduction in value of land.
  • ________ risks affect a larger strata of society e.g. unemployment, inflation etc.
  • What loss does an All Risk policy not cover?
    Arising from mildew , Arising from war
  • If the policy is cancelled at the option of the Insurer, refund of premium shall be :-
    On pro-rata basis
  • Proposal Form is to be signed by the agent.
  • Boiler Explosion Policy is issued for
    one year.
  • Which of the following are tangible personal property?
    Pets , Furs , Motor cycle
  • For extension of cover under Boiler Explosion Policy for Owner’s Surrounding Property the premium is charged
    25 % of basic rate.
  • No claim bonus - Is a discount allowed on own damage premium at the renewal.
    Replacement of parts made of glass - Nil depreciation
    Depreciation / wear and tear - Is excluded from motor insurance policy
    Ambulance - Misc. type of vehicle
  • Loss or damage due to willful misconduct of Assured can be covered by additional premium under ICC-A clause.
  • Minimum premium for open policy is :-
    Rs. 5,000/-
  • There are three policies covering the same building, which is damaged due to fire and the loss incurred is Rs.60,000/-. If policy A covers a sum insured of Rs.300,000/-, B of Rs.200,000/- and C of Rs.100,000/-, then amount of claim payable under each policy will be :-
    A-30,000 B-20,000 C-10,000
  • Which of the following are covered under electronic equipment insurance?
    Electronic data processing machine , Telecommunication equipment , Electro medical installations
  • The insurance contract terminates after over side of goods from overseas vessel after the expiry of :-
    60 days
  • External causes like carelessness of worker can be covered under Machinery Breakdown policy.

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